Dan Lodahl

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Why First Fiduciary Corporation for Accounting Services?

First Fiduciary Corporation was the first professional fiduciary in Minnesota, founded in 1969. We have nearly 50 years of experience and have built a reputation as a trusted leader in the field of fiduciary management. Our employees are held to the highest ethical and professional standards, and are amongst the most highly trained and experienced professionals working today.

First Fiduciary Corporation’s (FFC) Accounting Services assist companies and individuals with financial analysis and accounting in situations when your business does not have the staff or expertise for accounting work that is needed for your company. FFC is able to combine our accounting knowledge with our nearly 50 years of experience to provide expert service and accuracy. FFC’s accounting staff have credentials as Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), Bachelor of Science (BS) in Accounting and Bachelors of Business Administration (BBA). Our staff members have many years of experience in traditional accounting as well as auditing and forensic accounting. Since FFC is not a CPA firm offering traditional auditing services we have fewer conflicts of interest than other firms that perform accounting services.

Our Accounting Services Include:

Bookkeeping: FFC can assist you with day to day accounting needs such as accounts payable, accounts receivable, budgeting and general data entry.

Tax Preparation: FFC has many years of experience preparing tax returns for clients – both individual and business tax returns. We can request IRS transcripts to assist with tax filing and help you organize your files to improve accuracy and completeness of filings.

Financial Statement Preparation: FFC will prepare multiple types of statements for your business including balance sheets, income statements, cash flow statements or other statements as needed.

Financial Analysis: FFC can analyze your financial situation and assess cash flow, balance sheet issues or other concerns.

Conservators and their Attorneys: FFC will serve as the agent on My MN Conservator. With our experience, we will ensure your annual accounting is filed quickly and accurately. We can also assist with audits prepared for the Conservator Account Auditing Program (CAAP) through the Minnesota Judicial Branch.

To learn more about FFC Cares™ Care Management, visit
FFCCares.com

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FFC Cares Care Management ™

What is Care Management? Care Management services involve customized coordination and assistance with decision making in a variety of areas ranging from housing and moving, to medical care and other support services. This is coordinated through a Care Manager who works with you to identify your care goals, then works to coordinate the services that allow you to meet those goals. The guidance and support of a Care Manager allows the client to optimize their quality of life and care, while reducing stress and anxiety for family caregivers.

Why First Fiduciary Corporation as Care Manager?

First Fiduciary Corporation was the first professional fiduciary in Minnesota, founded in 1969. We have nearly 50 years of experience and have built a reputation as a trusted leader in the field of fiduciary management. We have handled many complex cases and varied family situations. Our employees are held to the highest ethical and professional standards, and are amongst the most highly trained and experienced professionals working today with elderly clients. We have become a leader in all facets of care management and have forged long-term relationships within the social services community.

An experienced Care Manager will be assigned to work with you and your family to meet your care goals. Clients are encouraged to participate in the development of care plans and services can be customized to meet individual needs over time. We work with a person-centered approach and take a holistic view of all client’s needs and wishes. An initial assessment is completed to ensure that we have clearly outlined the client’s goals.

Care Management services can include, but are not limited to:

• Living at Home – Coordination of services to support you in your home.  We will identify the best service providers from a network of trusted professionals we’ve developed over many years serving clients. This may involve one or more of the following types of providers: home health care agencies, home contractors and maintenance services, housekeeping providers and specialty services (such as assessments for mobility and safety in the home).
• Moving and Housing choices – Assistance with housing and moving transitions. We will work with you and your family to identify the optimal living situation to meet your unique needs. We forge relationships with services that can help you sort personal belongings and hire movers who specialize in working with the elderly.
• Managing and Maintaining Health – Coordination and assistance with medical and social needs. Care Managers interface with health care providers and advocate for our clients. We can assist with making and attending routine and specialty medical appointments. We can also identify and coordinate resources for recreational and social opportunities. This can include assessment of the best fit for clients based on their health status and preferences.
• Financial, Legal and Insurance Matters – Assistance with financial, legal and insurance needs.  Financial services can include paying bills and coordination with your Power of Attorney or financial team, to fit your needs and your personal situation. We also have a wide referral network of elder law attorneys or other legal experts you may need. We can help assess the appropriateness and fit of health insurance plans and help you apply for Medicare and other federal and state benefits.

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What is Forensic Accounting?

Forensic accounting is the use of accounting and auditing knowledge and tools to analyze financial information in a legal setting and to investigate alleged fraud. In some cases forensic accounting may uncover assets of greater value or unknown assets that the individual held. A business’ financial statements may also be reviewed using forensic accounting.

Why First Fiduciary Corporation for Forensic Accounting services?

First Fiduciary Corporation’s (FFC’s) forensic accounting services assist companies, individuals and attorneys with financial analysis and investigative accounting in situations where fraud is suspected. FFC is able to combine our accounting knowledge with our nearly 50 years of experience to provide expert service and accurate testimony. FFC’s forensic accounting staff have credentials as a Certified Public Accountant (CPA) and Certified Fraud Examiner (CFE) with experience in traditional accounting and auditing as well as forensic accounting. Since FFC is not a CPA firm offering traditional auditing services we run into less conflicts of interest than other firms that perform forensic accounting services.

Our Forensic Accounting Services Include:

Family Law: FFC assists with finding an equitable division of property, proper levels of support and accurate accounting for premarital assets. A forensic accountant is most often needed in these cases when there are assets that are difficult to value properly such as retirement plans, stock options, business ownership or interest and assets held in trusts. A forensic accountant is also helpful when it is suspected that income is being understated or assets are being hidden. FFC has the ability to perform all of these services more quickly and less expensively than attorneys.

Fraud Investigation & Examination: FFC have serviced fraud examination cases involving companies in agribusiness, auto sales, construction, health care, hospitality, and real estate as well as individuals in family, probate and other civil matters. These services include tracing of assets and liabilities, investigating financial statement fraud, investigating bribery and corruption schemes and searching for undisclosed income and assets. Fraud investigation and examination is often part of the forensic accounting.

Litigation Support: FFC has a very successful history in litigation, arbitration and mediation. We are able to calculate economic damages or fraud losses, provide expert testimony and offer other civil litigation support services.

Probate Law:  FFC has experience with hundreds of probate cases and can therefore provide a very high level of expertise when it comes to forensic accounting for trusts and estates. We review fraudulent conveyances, misappropriation of assets, beneficial ownership, analysis of transaction flows, and quantification of fraud losses. We also audit accountings completed by other trustees, special administrators and personal representatives. We are also able to take over the role of Successor Conservator, Trustee or Personal Representative (PR), when there are concerns about the financial handling of a client’s affairs under the prior individual or company.

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What is Guardianship and Conservatorship?

Guardians and conservators are appointed and supervised by the court. In a guardianship or conservatorship proceeding, a court orders the appointment of a person or agency to act as a surrogate decision maker for a person because the individual has demonstrated an inability to make decisions for themselves based on medical and behavioral evidence. In the case of guardianship, these decisions relate to the person’s health, well-being and housing. In the case of conservatorship, these decisions relate to the person’s financial affairs including their assets and overall estate.

A guardian can arrange and consent to services that are needed to provide for a person’s care, comfort, and needs. This may include food, clothing, shelter, health care, and social and recreational services. Guardians also have the ability to consent to medical treatment and other professional care, apply for benefits, and approve contracts. Limited Guardianships are established for people who retain the ability to make some decisions, but need assistance in one or more specific areas.

A conservator is responsible for managing a person’s financial affairs and ensuring that their needs are being met. The conservator is responsible for carefully and prudently managing the person’s bank accounts, including checking and savings accounts, as well as investments and other assets such as real estate. Typically the conservator pays all bills and can enter into contracts, to ensure that the person’s housing costs and other services are being paid on a timely basis.

Why First Fiduciary Corporation as Guardian and Conservator?

First Fiduciary Corporation was the first professional fiduciary in Minnesota, founded in 1969. We have nearly 50 years of experience and have built a reputation as a trusted leader in the field of fiduciary management. We have handled many complex cases and difficult family situations. Our employees are held to the highest ethical and professional standards, and are amongst the most highly trained and experienced professionals working today. While state certification is not required under state laws, our staff are required to become National Certified Guardians after their first year of employment. We have become a leader in all facets of guardianship and conservatorship and have forged long-term relationships within the legal and social services community.

First Fiduciary Corporation is also a leader in advocacy at the national and state level. We advocate for the rights of clients, as well as increased transparency and accountability of professional and family guardians and conservators.

Guardianship

Our guardianship clients are assigned a Care Manager who will arrange for appropriate services that optimize the health, welfare and safety of our client in the least restrictive manner possible. Our Care Managers work closely with family and others who are in the client’s social support network, to develop plans that will meet the client’s needs including physical, social and spiritual care. We provide frequent communication to family members and others regarding the client’s well-being or care concerns. In addition, there is always a back-up Care Manager assigned to each case, as well as after business hours emergency support; this provides an important way to communicate about the client and any changes in their care.

Conservatorship

Our conservatorship clients are assigned a Care Manager to manage the client’s assets and income, pay bills, manage contracts and property matters, among other duties. Each transaction is reviewed by at least two people in our internal process to increase financial security. There is also a back-up Care Manager assigned to each case.

First Fiduciary Corporation is also willing to keep current investment management relationships in place when appropriate — something many firms do not allow. We bill only for time spent on the client’s case, rather than a flat fee or percentage of estate value. Finally, we provide responsive customer service and care management that sets us apart in our work with clients.

For Conservators and their attorneys: FFC will serve as the agent on My MN Conservator. With our experience, we will ensure your annual accounting is filed quickly and accurately. We can also assist with audits prepared for the Conservator Account Auditing Program (CAAP) through the Minnesota Judicial Branch.

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When is a Health Care Agent Needed?
A Health Care Agent is a person, or persons, designated to make medical decisions on behalf of another individual if that person becomes incapacitated. A Health Care Directive (HCD) is a document that is used to provide direction to the Health Care Agent regarding the person’s wishes for medical treatment and other aspects of medical care, should the individual be unable to make those decisions on their own. The Health Care Agent must follow the advanced directives laid out in the HCD or otherwise act in the individual’s best interest when their wishes are not known.

Why First Fiduciary Corporation as Health Care Agent? First Fiduciary Corporation, founded in 1969, was the first independent fiduciary in Minnesota. With nearly 50 years of experience, we have built a reputation as a trusted leader in the field of fiduciary management. We handle complex cases and difficult family situations. Our employees are held to the highest ethical and professional standards, and are some of the most highly trained and experienced professionals working today. While certification is not required under state law, our staff is required to become National Certified Guardians after their first year of employment. We are leaders in all facets of guardianship and conservatorship and have forged long-term relationships within the legal and social services community.

When named as Health Care Agent, First Fiduciary will assign a Care Manager who will meet with the client regularly to discuss their health care and their wishes regarding medical care in the future. The Care Manager is also available to assist in coordinating care, attend appointments, and plan medical and housing decisions.

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What is a Personal Representative of the Estate?

A Personal Representative (PR) of the Estate (often referred to as an Executor), is charged with ensuring a person’s financial affairs are settled upon his or her death. Typically a person completes a will nominating an organization or person to administer their estate. If a will does not exist, a PR can be nominated by a family member or creditor. Whether named in a will, or nominated by a family member or creditor, the district court then appoints the personal representative (PR) to settle the estate. Once appointed, the PR inventories and secures the assets, ensures all debts are properly discharged, and makes final distributions according to the will or, when no will exists, according to state statute.

The administration of an estate can be complicated, with the PR needing to have a firm legal understanding of assets, creditors and debt, and distributions. There is also often an emotional aspect to the administration that can be difficult for family members, and can lead to conflict within the family.

Why First Fiduciary Corporation as Personal Representative (PR)?

First Fiduciary Corporation was the first professional fiduciary in Minnesota, founded in 1969. We have nearly 50 years of experience and have built a reputation as a trusted leader in the field of fiduciary management. We have handled many complex cases and difficult family situations. Our employees are held to the highest ethical and professional standards, and are amongst the most highly trained professionals working today.

To ensure the estate is settled properly, and sometimes to avoid conflict within the family, attorneys often recommend that their clients nominate First Fiduciary as PR in their wills. We are also often appointed by the court when no will exists or when the beneficiary of the estate, such as a non-profit, cannot or does not want to serve as PR.

We have a long history in serving as PR when the family dynamics are best served by a neutral and unbiased third party. In these cases, we can assure that all estate assets are properly inventoried and disclosed, proper debts are paid, personal property is divided, and the financial assets are distributed properly according to the will, or to heirs as appropriate when there is not a will.

First Fiduciary has experience with both complicated and simple estates. We have a multi-staff approach to inventorying and accounting for personal property and financial accounts, ensuring your assets remain secure. We also have established trusted relationships with many professional services that support the handling of the estate, including real estate agents, appraisers, estate sale companies, contractors and others. We have an in-house accounting department so that sensitive personal and financial data remains secure. Ultimately, we strive to complete the transfer of assets to heirs in a timely and prudent manner, assuring all legal requirements are met.

Please call us at (651) 452-1512 for more information or to set up a meeting to discuss your needs.

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What is a Trust?

A trust is a legal method for placing funds, personal property, and other assets in the control of a trustee for the benefit of an individual. The trust can designate one or more persons, an organization, or a bank to act as trustee. A trust can be used for paying bills, managing investments and real estate, and general protection of a person’s estate. Trusts are used to; manage large assets, avoid the expenses of probate, avoid conservatorships, and provide for ongoing financial management if the grantor becomes incapacitated. First Fiduciary Corporation specializes in many types of trusts including Testamentary/Living, Standby, Revocable, Family, Marital, Minors, Supplemental Needs, and Special Needs Trusts.

Why First Fiduciary Corporation as Trustee?

First Fiduciary Corporation was the first professional fiduciary in Minnesota, founded in 1969. We have nearly 50 years of experience and have built a reputation as a trusted leader in the field of fiduciary management. We have handled many complex cases and challenging family situations. Our employees are held to the highest ethical and professional standards, and are amongst the most highly trained and experienced professionals working today. We are a leader in all facets of trust management and have forged long-term relationships within the legal and social services community.

Each client is assigned a Trust Manager who will work diligently to balance your long term financial goals with your current needs while maximizing the value and longevity of your trust funds. First Fiduciary Corporation does not hold financial assets in-house. As your trust company, we are obligated to take care of your assets, held at a bank or investment company, on your behalf. We will keep current investment management relationships in place when appropriate – something banks and most trust companies do not allow.

First Fiduciary Corporation will work closely with your investment team to optimize the value and investment potential for your assets. Our fee is based on time spent administering the trust; generally we do not bill based on a percentage of the value of the trust. Our internal trust management includes multiple levels of checks and balances. Clients are provided with an annual account that details every transaction. Accounting reports can be provided more frequently upon request. In addition, there will be a secondary professional assigned to each client/trust and after business hours emergency support.

We work with the following types of trusts:
• Revocable Trust
• Irrevocable Trusts
• Maritable Trusts
• Testamentary Trusts
• Living Trusts
• Family Trusts
• Minors’ Trusts
• Supplemental Trusts • Special Needs Trusts

First Fiduciary Corporation strives to understand your intent and wishes. FFC works to ensure beneficiaries receive the trust assets according to your wishes in the timeliest manner possible. First Fiduciary Corporation has the history and stability needed in the long term to serve in a standby or successor capacity on any trust. We have been serving clients for nearly 50 years, and look forward to serving clients for many decades to come.

Supplemental and Special Needs Trusts
Our Trust Manager works closely with our client, family members, and interested parties in a supportive system. Trust Managers also ensure the trust is administered properly to protect government benefits. Trust Managers work directly with our clients and are able to aid in coordinating appropriate services that best enhance health, welfare, and safety for our client. Many banks and trust companies are not able to offer the individualized care management we offer. Our staff are educated and trained in disciplines such as social work and human services. Our on-going professional education and training allow us to provide care for clients beyond financial management.